Abingdon Health, a York, UK-based rapid diagnostics company, raised £1.5m in funding.
Backers included NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The company intends to use the funds to fulfil new contract wins and invest in new equipment and processes at its headquarters at the National Agri-Food Innovation Campus in York.
Founded by the CEO Chris Yates and Dr Chris Hand, the Chairman, Abingdon specialises in ‘point of care’ tests, to diagnose disease in humans, animals and plants and to measure drugs, hormones and other biomarkers in a range of sample types. These single use devices, similar to a pregnancy test, allow testing to be carried out on site, in the field or at home with results easy to interpret by eye or using smartphone apps and reader devices.
Point of care tests allow more rapid diagnosis and monitoring than traditional laboratory tests.
The company develops and manufactures tests for clients worldwide in the healthcare, veterinary, food and agriculture sectors, with over 50 per cent of its output going to export markets.
Abingdon employs around 40 people and also has laboratories in Birmingham.